Ncondezi Energy Ltd (LON:NCCL) has told investors that it expects to finalise power tariff negotiations in the first half of 2020 for the integrated Ncondezi coal-fired power project and coal mine in Tete, Mozambique.
"The process to finalise a tariff offer for submission to EDM is well underway and on track for submission in Q1 2020,” said Hanno Pengilly, Ncondezi's chief executive in a statement.
“The company continues to work closely with its strategic partners and tariff financial advisor to achieve a competitive firm tariff offer in line with the latest agreed tariff rates in Mozambique,” he added.
Ncondezi said that the tariff financial model is on track for submission to strategic partners at the end of this month. It added that it is targeting a competitive tariff rate, in line with other recent agreements with Electricidade de Moçambique (EDM).
Penguilly added: “The Ncondezi Project is one of the most advanced development stage baseload power projects in Mozambique, and is being designed to provide low cost reliable 24 hour power whilst meeting the strictest emission standards. The project is aligned with government strategy for additional baseload power on the grid by 2023 and universal energy access by 2030."